Egypt’s Orascom Telecom has revealed that their new subsidiary, Orascom Telecom Media and Technology Holding (OTMT), will be listing on Egypt’s stock exchange.
The goal for Orascom with the new company is to split certain aspects of its investments and to enable the company to push into Egypt’s media sector.
“Following receipt of approvals from the Egyptian Financial Supervisory Authority and the Egyptian Stock Exchange, or EGX, the current suspension of trading … shall be lifted on Sunday, Jan. 22,” Orascom Telecom said in a statement posted on the London Stock Exchange.
Orascom Telecom’s board in April approved a move to nearly double the company’s capital to 14 billion Egyptian pounds ($2.4 billion), from 7.5 billion Egyptian pounds, and to split the company.
In March, Russian mobile operator VimpelCom stated that its shareholders approved its $6 billion deal to acquire the telecom assets of Egyptian billionaire Naguib Sawiris. The deal with Sawiris’s Wind Telecom secures a more-than-50 percent stake in Orascom Telecom, the Arab world’s biggest mobile-telephone operator by subscribers, and Italy’s Wind Telecom.
Trading in OT shares has been suspended since November 24 pending the completion of its demerger. The company had missed several previous deadlines for the split because of various reasons, including pending regulatory approvals.
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